COVID-19 Pandemic Phase III Stimulus Package
The COVID-19 Pandemic Phase III Stimulus Package provides potential relief for churches and pastors. This outcome is thanks to efforts by the Church Alliance - a national coalition of large and historic church benefit boards (including GuideStone) - and Southern Baptist partners who worked to ensure churches and pastors have the same options as small businesses and self-employed individuals attempting to financially weather the economic turmoil wrought by COVID-19. GuideStone’s Legal team has prepared a lengthy Q&A for churches and pastors looking for answers to how this stimulus package may impact them.
Relief for Taxpayers Affected by the Coronavirus Pandemic
IRS Tax Filing and IRA Contributions Deadline Postponed
To help provide some relief to all Americans who have been adversely affected by the COVID-19 pandemic, the IRS has postponed both federal income tax filings and payments from April 15, 2020, to July 15, 2020.
- Taxpayers can postpone payments up to $1,000,000 if filing as a single individual or as married individuals on a joint return.
- This relief is available only for federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for the taxpayer’s 2019 tax year.
- Any interest or penalties on the postponed tax filings and payments will begin to accrue on July 16, 2020.
For further information, see IRS Notice 2020-17 and Notice 2020-18.
